Belgium’s Financial Services and Markets Authority (FSMA) earlier this month updated its “Black List” of unauthorized financial services providers, with dozens of Forex and binary options brokers added to the register of companies the public should be wary of.
In its warning, the Belgian watchdog underlines that binary options and Forex products are highly speculative and involve significant risks. It stresses that investors run the risk of losing the entire amount invested or even more than the sum invested.
The FSMA states that many trading platforms for binary options/forex products are, despite the appearance of being serious firms, used by fraudsters who are not only acting without the requisite authorization but are misappropriating the funds invested.
The regulator urges against responding to any offers of financial services or to any public offers of investment instruments made by the blacklisted companies and against transferring money to any account number they might mention.
Below is the list of the latest additions to FSMA’s “Black List”:
To view the full text of the warning, click here.